NZDCHF Is Suppressed by SNB Effect

The announcement by the Swiss National Bank (SNB) that interest rates were increased by 50 basis points made its positive impact on the currency. The fact that the currency pair, which is under the downtrend, has fallen under the minor uptrend at the same time, may accelerate the downward movements again. While we are following the 0.5723 support in the current pressure, the declines may continue until the Fibonacci 61.8 percent expansion level, which indicates the 0.5690 support, in a permanence that can be achieved under this region. On the other hand, if 0.5762 resistance can be exceeded for possible rises, 0.5802 resistance may come to the fore.